全球智库信息集成服务系统(G2TT): DP12817 Hedger of Last Resort: Evidence from Brazilian FX Interventions, Local Credit and Global Financial Cycles

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP12817
	DP12817 Hedger of Last Resort: Evidence from Brazilian FX Interventions, Local Credit and Global Financial Cycles
	ANDREA POLO; Rodrigo Gonzalez; Dmitry Khametshin; José-Luis Peydró
发表日期	2018-03-26
出版年	2018
语种	英语
摘要	We show that local policy attenuates global financial cycle (GFC)’s spillovers. We exploit GFC shocks and Brazilian central bank interventions in FX derivatives using threematched administrative registers: credit, foreign credit to banks, and employer-employee. After U.S. Taper Tantrum (followed by Emerging Markets FX turbulence), Brazilian banks with more foreign debt cut credit supply, thereby reducing firm-level employment. A subsequent large policy intervention supplying derivatives against FX risks—hedger oflast resort—halves the negative effects. A 2008-2015 panel exploiting GFC shocks and FX interventions confirms these results and the hedging channel. However, the policy entails fiscal and moral hazard costs.
主题	Financial Economics ; International Macroeconomics and Finance
关键词	Foreign exchange monetary policy Central bank Bank credit Hedging
URL	https://cepr.org/publications/dp12817-0
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/541627
推荐引用方式 GB/T 7714	ANDREA POLO,Rodrigo Gonzalez,Dmitry Khametshin,et al. DP12817 Hedger of Last Resort: Evidence from Brazilian FX Interventions, Local Credit and Global Financial Cycles. 2018.